All Forum Posts by: Tochi Ajiwe

Hey BP Fam,

So I've finally found two properties, one is in Third ward on the MLS and the other is in second ward found off market through a friend at my church! The second ward is a 2/1 SFH with a separate ADU with a full bathroom and the third ward one is a 3/2 SFH both on 5k plot both similarly priced. Love the third ward one except its right on the edge of the feeder road onto I45 and idk its pretty loud! The only issue with the second ward one is that its a 2/1 which I think would be difficult to resell. They are both similarly priced.

So Im conflicted and already lost one property due to my indecision haha

Which one do yall think is the better buy? Does the road noise and location on a freeway cancel the 3/2? Is third ward a better neighborhood than second ward in terms of appreciation? This is my first property so I definitely want to buy right. Would really appreciate any and all insights!

Hey BP Fam,

Thanks for all of the support the past couple of months. So I’ve come to a fork in the road regarding which property to jump on for my first house hack (as a side note I plan on Airbnbing one room and living at my parents house for free):

- 3b/2ba SFH home that's older (built in 1945) in a great neighborhood imo (Southwood Oaks if you're familiar with it) OR a 3b/2b town home in EADO or near the medical center. I also potentially might be able to get a duplex but I'm currently trying to find a loan that will approve a young new investor like myself.

- I know town homes come with HOAs and other risks, but my agent stated that at my price point, it'll be difficult to find a SFH in a great neighborhood. Seems like the only new builds for my price point are in Sunny side and the East 610 area which my agent stated not to but there for my first property.

A lot of uncertainty for me currently in this post so any and all advise or comments are welcome. Thank you all so much. 

Originally posted by @Sameer Bhalesha:

You can never go wrong at buying in discount. Look at sold comparables in the area and buy at discount of 30%+. With COVID-19, I would expect discounts of 40%+. The deeper the recession becomes, the more discount I would expect. The United States is at the beginning of the recession. The best deals always come directly from the seller instead of an agent. Although wholesalers and investor agents can bring great deals. 

Let's go deeper into Houston and ask yourself where you should buy? I would buy where condo and house prices are increasing with a combination of new houses built after 2005. Target median blue House/Condo values mix with median blue % of houses built after 2005. You will find the right mix where the area is gentrifying with a lot of appreciation still left, and a good amount of new homes were built in the last 20 years. This way you will not be buying in areas where 75% gentrification will take 10+ years, but 5-10 years. I would not want to be the first 25% who are gentrifying the area. Above 25% and before 75% would be best for me. Then you ride the appreciation wave when the area hits above 75% gentrification. 

Figure 1: City data shows Median House and Condo change % from 2000.

Figure 2: City data shows % of homes that are 2005 and older. 

Figure 3: The Economic cycle and where the United States is (my belief). Buy close to the Trough and ride the expansion. 

Many ways to start see data on a particular area. Type in Zip Code. You can see if the area is hot or cold for buyers and sellers. Data such as house sales and median sale prices are included. 

1) Redfin

2) City-data

3) Zillow

4) Fema Flood Map 

 Hey Sameer,

Thanks for sharing. In those figures, if I'm reading them correctly, the areas that are shaded dark purple have grown about30-35 percent in the last 20 years and you're saying these are neighborhoods that you feel comfortable purchasing in because they are between 25-75% in gentrification? Sorry just trying to understand!

@Cameron Tope thanks so so much!! Sent you a DM. Can’t wait to hear from you!

Hey everyone!

I was originally active in the forums learning and meeting people but, again, my name's Tochi and I've officially confirmed that I'll be in Houston for my residency!! Can't wait to start chatting and meeting all of you. Right now, Im looking to get a MFH to househack. I have a couple of friends who will be moving to Houston with me so, ideally, I'd like to get a good property before June and rent it out to them. Still, I think it makes more sense to live at home, stack some money and maybe buy a property next year or later this year. If any of you know any great agents that have some experience with investors please let me know!

- Tochi Ajiwe

@Cody L.Thanks for the insight! Didn't know HOA fees covered all that. I thought they were just a burdensome cashflow eating expense. Will definitely look into what the HOAs in my area cover.

@Andrew McKinnon I think it could definitely work. I have a friend who is renting out a home in Dallas because shes not ready to buy yet. There are tons of medical students that start searching for homes to rent or buy around March after we figure out where we will be for 3-7 years so be on the lookout during that time. 

@Holly Brown That would be awesome. I definitely will shoot you a connect! DO you own any properties and are if so where are they located?

@Daniel J Dominguez Im definitely going for buy and hold rental properties but why do you believe a newer property is a better investment if I have capital?? Still learning alot but it seems counter to everything I have been reading and learning about, being that I should buy a good property below market and fix it up if need be.

@Bart H. Hey thanks for sharing your experience. 900 a month?! That’s amazing. I actually have some friends that live on that side of town and I pass by it frequently. When I moved to Dallas 5 years ago a developer told me about the millions that had already been invested into that area and its taken awhile but I can see the growth already. If I had known anything about real estate I would’ve bought some property then!

I also always have students, residents, research fellows and graduate students always hitting the UTSW e-mail listserv looking for a place to stay so maybe we can connect and I can send some of them your way if you ever need some tenants?! Again, thanks for taking time out to reply.

@James Hamling thanks a ton James. Yea there’s alot going on in Dallas and definitely want to learn more about it and have a ton of time right now before residency starts. Traffic is very ridiculous but compared to Houston this is nothing haha

@Account Closed thank you so much for your quick replies and help! Bruce I have no experience with lots haha. I dont think theres a BP book on that but would definitely be open to learning more about how to leverage residential lots. Could you shed some light on your experiences with residential lots and where I can find more information about them?

Hello! I have been managing my parents Airbnb in the Houston area for a year and saw how taking this work away from them allowed them to do more important things in their lives. If there are some properties that you are managing via airbnb in the Dallas and Houston area I can most certainly help so you can leverage your time towards other matters. 

I can also do remote locations! Currently managing properties in Florida. Just let me know how I can help! Keep in mind that I will be limited in how much I can help if a true problem that requires someone to be there arises. But these rarely happen with an excellent system which I can help you create!

I have designed my own templates and will check with the customer for any and all complaints quickly to help with your reviews!

Let me know how I can help. Everything is negotiable! Feel free to contact me on here or email me at [email protected]